LOS ANGELES, Feb. 8, 2016 /PRNewswire/ -- Valentine's Day is a popular time of year for couples to get engaged, but one old rule associated with proposals seems to be dying out. People aren't spending two months' salary on a ring anymore — not even close.
Leading personal finance website GOBankingRates.com surveyed 5,000 adults, asking "How much do you feel should be spent on an engagement ring?" The survey found that 36 percent of Americans feel less than $1,000 should be spent.
The full breakdown of survey responses is as follows:
- Less than $1,000 — 36%
- $1,000 to $2,999 — 19%
- $3,000 to $4,999 — 11%
- $5,000 to $9,999 — 7%
- $10,000 or above — 4%
- Two months' salary — 6%
- Money is no object — 17%
"Our survey results show that most people no longer feel pressured to spend a certain amount on an engagement ring," said Cameron Huddleston, Life + Money columnist for GOBankingRates. "In fact, it seems that most are willing to pay what they can afford, not what is dictated by an outdated standard."
- Both men and women favor low-cost engagement rings.
- Older adults are more likely to spend less on engagement rings.
- Younger adults are more likely to say that "money is no object" when it comes to engagement ring cost.
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Methodology: These findings are the result of a Google Consumer Survey that collected answers from 5,000 respondents from Dec. 30, 2015, to Jan. 1, 2016. The survey posed the query, "How much do you feel should be spent on an engagement ring?" and allowed respondents to choose seven possible dollar amounts, displayed in this order: (1) "Less than $1,000," (2) "$1,000-$2,999," (3) "$3,000-$4,999," (4) "$5,000-$9,999," (5) "$10,000 or above," (6) "Two months' salary" and (7) "Money is no object." Analyses are based on all responses. For analyses related to age and gender, this finding only reports on responses for which Google provided the relevant demographic information.
GOBankingRates.com is a leading portal for personal finance and consumer banking information, offering visitors the latest on everything from finding a good interest rate to strategies for saving money, investing for retirement and getting a loan. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, Forbes, Business Insider, Daily Finance, Huffington Post and more. It specializes in connecting consumers with the best financial institutions and banking products nationwide.
Katie Johnston, Media Relations